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Regulatory Compliance & Agency Engagement
- October 14, 2020Consumer Financial Protection Bureau Settles With Nissan Motor Acceptance Corporation For Illegal Collections And Repossession Practices On Tuesday, October 13, 2020, the Bureau issued a press release regarding a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan...October 14, 2020Federal Reserve requests public comment on technical, clarifying updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures On Wednesday, October 14, 2020, the Federal Reserve issued a press release requesting public comment on technical, clarifying updates regarding the Federal Open Market...October 5, 2020Overall, though, lobbyists said they would expect a diverse mix of progressives and moderates, even though few are likely to come straight from Wall Street. "I don't think you'll see the progressive liberals getting all the appointments they want," said Richard Hunt, CEO of Washington group the Consumer Bankers Association. Biden's campaign, which did not immediately comment, has said he plans to...August 25, 2020CBA Statement on FDIC Quarterly Banking Report WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the Federal Deposit Insurance Corporation’s quarterly banking profile: “The FDIC’s latest quarterly report is another sign of the banking industry’s strength throughout the COVID-19 pandemic. Banks of all sizes have joined together to...August 21, 2020Ms. Galban: The Consumer Bankers Association (CBA) appreciates this opportunity to comment on the Consumer Financial Protection Bureau’s (Bureau) Proposed Advisory Opinion Program. CBA recognizes much of this program was developed in response to the Bureau’s Request for Information on Bureau Guidance and Implementation Support. CBA responded to the Bureau’s request with a call for the Bureau to...May 29, 2020CBA on OCC “Valid When Made” Final Rule WASHINGTON, D.C. – The Consumer Bankers Association today released the following statement after the Office of the Comptroller of the Currency issued a final rule clarifying the “valid when made” standard on the sale and purchase of loans: “CBA appreciates the OCC’s efforts to clarify years of uncertainty caused by the Madden case,” said CBA President and...March 9, 2020March 9, 2020 The Honorable Mike Crapo Chairman Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (CBA) submits the...February 14, 2020On Thursday, October 3, 2019, the OCC issued a final rule implementing the stress testing requirements of section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new rule is effective as of Nov. 24, 2019, and revises: the minimum threshold for national banks and...February 3, 2020Today, the FDIC Office of Inspector General published an Evaluation Report of the FDIC’s Cost Benefit Analysis Process for Rulemaking. As detailed in the report findings, the OIG concluded the FDIC’s cost benefit analysis process is not consistent with widely recognized best practices. Specifically, the OIG found: The FDIC had not established and documented a process to determine when and how to...January 30, 2020On Thursday, January 30, 2020, five federal financial regulatory agencies issued a joint press release inviting the public to comment on a proposal to modify regulations implementing the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as "covered funds." The joint agency proposal would improve and streamline the covered...